Sacramento, CA - Assemblymember Chris Holden's (D-Pasadena) legislation to make the Small Business Loan Guarantee program more accessible and user friendly has been approved in the Senate Government Organization Committee.
"At a time when California is striving to rebound from a long recession, this program can play a pivotal role in making much needed capital more accessible to thousands of small businesses so they can expand, create new jobs, and save the jobs of existing employees," stated Assemblymember Holden.
AB 201 requires the California Small Business Loan Guarantee Program to maintain an Internet website that would include information on the program's loan guarantees, direct lending, surety bond guarantees, and disaster loans.
"For the past 40 years, SBLGP has been instrumental in working with banks to guarantee loans to undercapitalized small businesses. This bill would ensure that information about the SBLGP, including a list of participating lenders, is posted on the Governor's Office of Business and Economic Development's (GO-Biz) website for small businesses to explore," added Holden.
Since February 2011, over $143 million financial loans were issued, of which about $47 million was covered by Small Business Loan Guarantee Program.
Since 2004, more than 52 loans worth approximately $8.5 million dollars have been guaranteed in the 41st Assembly District.
AB 201 now goes to Senate Appropriations for fiscal consideration.